Energy industry turns to water

Instead of black gold, fortune seekers might be hunting clear gold as water becomes key to energy needs in the new century.

The idea of water being as valuable as oil was floated today at the Energy Inc. conference in Charlotte, where CEOs and execs involved in the energy industry met to talk about how to power the future.

Water is a key resource used in the practice known as “fracking” to get at more remote reserves of natural gas. The process involves drilling deep into shale — where natural gas deposits are trapped — and using high-pressure water to release the gas.

The meeting also included executives from Areva, Piedmont Natural Gas, SPX and Siemens.